https://www.taxtmi.com/caselaws?id=55195 The ITAT upheld the disallowance of interest expenses amounting to Rs. 1,60,844 under section 57(iii) of the I.T. Act, as the appellant's actions did not indicate an intention to earn income. Referencing the Supreme Court decision in McDowell & Co. Ltd. v. CTO, the ITAT agreed that the company's transactions were aimed at tax evasion. Additionally, the charging of interest under section 215 of the I.T. Act was confirmed, as the appellant's conduct suggested an intent to evade taxes. The appeal was dismissed, affirming the lower authorities' decisions. en-us Wed, 19 Jul 1989 00:00:00 +0530 Wed, 24 Nov 2010 14:19:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55195 The ITAT upheld the disallowance of interest expenses amounting to Rs. 1,60,844 under section 57(iii) of the I.T. Act, as the appellant's actions did not indicate an intention to earn income. Referencing the Supreme Court decision in McDowell & Co. Ltd. v. CTO, the ITAT agreed that the company's transactions were aimed at tax evasion. Additionally, the charging of interest under section 215 of the I.T. Act was confirmed, as the appellant's conduct suggested an intent to evade taxes. The appeal was dismissed, affirming the lower authorities' decisions. Case-Laws Income Tax Wed, 19 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55195